Global Smart Cities Market Overview:
According to the market research report published by Research Cosmos, The Global Smart Cities Market is predicted to grow at a CAGR 15.8% to achieve USD 994.6 billion by 2023. The Asia Pacific is expected to be the fastest growing geographic region in the smart cities market which is expected to witness high CAGR during the forecast period.
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Drivers and Restraints:
The increase in dynamic applications is the major trend seen helping smart model adoption. Smart mobility has proven to be worthy by accumulating citizens into public transport through faster, cheaper and ecofriendly way. Highly innovative energy distribution storage and generating ever last renewable sources has created the demand for smart energy applications in many countries of the modern era. Smart cities generally depend upon technology and infrastructure readiness to provide further scope for smart implementation and aid in overall development. The solution solely depends upon the quality of the infrastructure available for their technology set ups in the cities. Local authorities need to scale the work force as well as end users for effective adoption of smart technology as they tend to be the main market. In a proper way, openness towards technology adoption is a key driving factor in all the markets.
Geographically, North America is the largest market for Global Smart Cities market followed by Europe. The Asia-Pacific has been termed as an emerging market with utmost significance to India and China, which account for the high growth rate.
Key players in the smart cities market are General Electric Company, IBM Corporation, SAP SEO, Accenture Inc, CiscoSystems, Schneider Electric, SEABB Ltd.Hitachi Ltd.Alstom SA, Siemens AG and Ericson.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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